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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: DAYBAC podcast, available every morning on Apple, Spotify or wherever

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Speaker 1: you listen. It's Wednesday, the twenty fifth of September here

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Speaker 1: in London. I'm Caroline Hepka. Coming up today and economic

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Speaker 1: adrenaline shot. China adds to its stimulus package as Asian

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Speaker 1: shares continue to rise and traders bet on more fed cuts.

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Speaker 1: Iran's new president makes his entrance on the world stage

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Speaker 1: with a stark warning to Israel Plus embracing an unpopular message,

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Speaker 1: Kis Starmer says he will take tough long term decisions

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Speaker 1: as the Business Secretary dismisses warnings of a wealth exodus.

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Speaker 1: Let's start with a roundup of our top stories. China's

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Speaker 1: Central Bank has lowered the interest rate charged on its

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Speaker 1: one year policy loans while withdrawing liquidity via the lending facility.

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Speaker 1: The move comes a day after Governor Pangong's announced a

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Speaker 1: stimulus package to revive the world's second largest economy. Chinese

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Speaker 1: stocks have extended gains as investors continue to bet that

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Speaker 1: the latest measures by the People's Bank of China will

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Speaker 1: help drive a market turnaround and kick start the country's

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Speaker 1: sluggish economy. Meanwhile, traders are now marginally leaning towards a

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Speaker 1: second straight fifty basis point raatecut at the Federal Reserve's

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Speaker 1: next meeting in November. The move comes as US consumer

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Speaker 1: confidence unexpectedly fell in September by the most in three years,

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Speaker 1: a mid concerns about the labor market and the broader

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Speaker 1: economic outlook in the US. Here is Dana Peterson, chief

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Speaker 1: economist at the Conference Board.

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Speaker 2: Much of it was because consumers are a little less

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Speaker 2: optimistic when it comes to employment now. The overall net

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Speaker 2: from jobs hard to get versus jobs easy to get,

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Speaker 2: it's still positive, but it's come down a lot. And

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Speaker 2: even for expectations, consumers are a little bit concerned about

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Speaker 2: whether or not they're going to have easy a prospects

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Speaker 2: going forward.

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Speaker 1: Dana Peterson says that whilst US consumers still see a

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Speaker 1: low chance of a recession in the next year, there

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Speaker 1: has been a slight uptic in those believing the economy

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Speaker 1: is already in a downturn. Iran's new president has warned

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Speaker 1: that Israel's attacks on Lebanon cannot go unanswered. After air

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Speaker 1: strikes on Hesbola targets reportedly killed more than five hundred people.

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Speaker 1: Making his global debut before the UN General Assembly, President

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Speaker 1: Masud Pazeshkian did little to ease fears that all out

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Speaker 1: war in the Middle East may be close at hands.

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Speaker 1: His words are spoken via translator.

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Speaker 3: We condemn Israeli crimes against humanity. It is imperative that

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Speaker 3: the international community should immediately stop the violence and bring

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Speaker 3: about a permanency's fire in Gaza and bring an end

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Speaker 3: to the desperate barbarism of Israel in Lebanon before it

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Speaker 3: involves the region and the world.

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Speaker 1: The comments at the UN come as President Pezeshkian told

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Speaker 1: Bloomberg News that plans are underway to discuss a revival

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Speaker 1: of the nuclear deal with the West after a quote

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Speaker 1: positive meeting with the French President Emmanuel Macont. The twin

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Speaker 1: messages from the Iranian leader comes to the Israeli Prime

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Speaker 1: Minister Benjamin Netnia, who vowed to press on with the

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Speaker 1: aerial bombing campaign against Hesbola.

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Speaker 4: We will continue to heck Hesbolah, and I say to

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Speaker 4: the people of Lebanon, our war is not with you.

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Speaker 4: Our war is with Hesbola. Nazraala is leading you to

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Speaker 4: the brink of the abyss. He causes your country to

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Speaker 4: be in danger. Free yourself from the grip of Hesbola.

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Speaker 1: Benjamin Netnia who's speaking there also Vira translator and referring

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Speaker 1: to Hassan Nasuala, the Lebanese cleric and the Secretary General

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Speaker 1: of Hezbola, who has pledged a heavy response after last

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Speaker 1: week's pager and walkie talkie explosions in Lebanon, a man

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Speaker 1: who has found on Donald Trump's golf course with a

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Speaker 1: loaded rifle has been charged with attempted assassination. Ryan Routh

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Speaker 1: is also accused of possessing a firearm in furtherance of

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Speaker 1: a violent crime and assorting a federal officer, according to

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Speaker 1: an indictment a statement from the US Justice Department. According

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Speaker 1: to the department's filing, the suspect appears to have stalked

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Speaker 1: the former president at his Florida resort for a month

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Speaker 1: before being apprehended earlier this month. The case is assigned

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Speaker 1: to Trump appointee, the U S District Judge Aileen Cannon.

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Speaker 1: Here in the UK, Keirs Starmer says that he is

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Speaker 1: ready to be unpopular and to make tough decisions. Speaking

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Speaker 1: at the Labour Party's annual conference, in Liverpool. The Prime

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Speaker 1: Minister also promised a program of national renewal.

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Speaker 5: If we stick to the driving purpose behind everything we

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Speaker 5: do in higher economic growth, so living spandard rise in

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Speaker 5: every community, ANHS facing the future, more opportunities for your children.

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Speaker 5: And then that light at the end of this tunnel,

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Speaker 5: that Britain that belongs to you, We get there much.

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Speaker 1: More quickly, Kirs Starmer there. Although the speech was light

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Speaker 1: on policy details, Starma did pledge housing for military veterans

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Speaker 1: and a new Hillsborough law to force public bodies to

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Speaker 1: cooperate with major disaster investigations. During the fifty four minute address,

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Speaker 1: he was briefly interrupted by a protester. He also mistakenly

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Speaker 1: referred to hostages in Gaza as sausages before correcting himself.

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Speaker 1: The speech came at a sensitive time for the party leader,

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Speaker 1: who's under pressure to control the narrative after weeks of

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Speaker 1: negative headlines about donations and gifts accepted by senior ministers

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Speaker 1: in government, and the UK's Business secretary says that warnings

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Speaker 1: of a wealth exodus from the country are too dramatic.

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Speaker 1: Jonathan Reynolds told Bloomberg that his party is focused on

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Speaker 1: promoting business interests.

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Speaker 6: What I said, look what Rachel Reeves said yesterday about

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Speaker 6: that total commitment to improving the business environment in the UK.

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Speaker 6: But look at the big picture too. I mean, the

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Speaker 6: political stability of the UK within the G seven has

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Speaker 6: been transformed by the election result.

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Speaker 5: You have a.

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Speaker 6: Government committed to active policies to improve the business environment,

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Speaker 6: even where it's politically difficult, like planning and building homes.

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Speaker 1: That was Jonathan Reynold's there speking to Bloomberg Television at

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Speaker 1: the Labor Party conference. His remarks come amidst criticism from

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Speaker 1: the business community that tax rises in next month's budget

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Speaker 1: could deter investment if they emerge. Chance of Rachel Reeves

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Speaker 1: all but confirmed over the summer that she is planning

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Speaker 1: revenue raisers to close an estimated twenty two billion pounds

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Speaker 1: in year budget gap for the government. Speculation is mounting

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Speaker 1: that she's looking at increasing capital gains, inheritance and property taxes.

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Speaker 1: Now in a moment, we're going to get more on

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Speaker 1: what is happening in the Middle East, the latest as

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Speaker 1: it comes to the cross border battle between Israel and

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Speaker 1: Hezbola in Lebanon. Also will talk more about the impact

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Speaker 1: of the Chinese stimulus on the markets. But I also

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Speaker 1: thought that this was really interesting. Maybe you have time

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Speaker 1: to read it this morning. It's Mary in Somerset Web.

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Speaker 1: She always writes so beautifully and of course has a

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Speaker 1: podcast for you to listen to. But she's done some

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Speaker 1: in depth reporting around passive versive versus active funds in

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Speaker 1: the UK, particularly focused on UK investments, and she's broken

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Speaker 1: down and it looked in more detail actually about the

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Speaker 1: performance of passive versus active funds. She says that those

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Speaker 1: labels don't go far enough. You really have to investigate

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Speaker 1: how actively the funds are being managed in order to

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Speaker 1: understand whether active versus passive funds have done better. And

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Speaker 1: she's actually saying that active funds have actually done more,

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Speaker 1: have done more for investors than you might think if

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Speaker 1: you initially look at the data. So yeah, looking at

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Speaker 1: active share management, it's a very interesting piece challenging the

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Speaker 1: passive versus active fund wisdom as challenging the wisdom of

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Speaker 1: certain views in the market. It's more in Somerset Web

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Speaker 1: on the Bloomberg terminal for you this morning.

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Speaker 7: Now.

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Speaker 1: China Central Bank has cut the interest rate charged on

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Speaker 1: its one year policy loans. This after a major economic

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Speaker 1: adrenaline shot from Beijing on Tuesday that included rate cuts,

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Speaker 1: more cash for banks, bigger incentives to buy homes, also

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Speaker 1: plans to consider a stock stabilization fund. The package has

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Speaker 1: lifted Chinese stocks, its strengthened you on and in Europe,

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Speaker 1: companies relied on China have also rallied strongly, joining us

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Speaker 1: now to discuss is Bloomberg's news editor Jill Deesis, Jill,

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Speaker 1: very good morning to you. Just let us assess then

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Speaker 1: how big a boosts the package from China has actually.

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Speaker 8: Been morning, Caroline, Yeah, it's I mean, you just running

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Speaker 8: through all of the different policies that we've heard from

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Speaker 8: the Central Bank so far is already pretty head spinning

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Speaker 8: at this point. Bloomberg Economics suspects that if we look

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Speaker 8: at GDP growth through the end of the years, probably

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Speaker 8: will be a boost of about zero point two percentage points.

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Speaker 8: I mean really though, that's really just through the end

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Speaker 8: of the year, maybe enough to ultimately lift GDP to

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Speaker 8: help Beijing reach its economic growth target of around five

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Speaker 8: percent this year. And really it might be more that

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Speaker 8: you know, the economic impact of a lot of this

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Speaker 8: has felt in twenty twenty five. I will point out

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Speaker 8: Caroline that as of right now, I mean we've heard

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Speaker 8: quite a bit from the Central Bank on various measures

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Speaker 8: that they're putting together rate cuts. You know, obviously we

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Speaker 8: heard about that consideration for a stock stabilization fund. We

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Speaker 8: got more, you know, on rate cuts today. What still

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Speaker 8: kind of has yet to be really determined here is

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Speaker 8: whether we're going to see additional stimulus from other agencies

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Speaker 8: and other sectors of government. I think the Finance Ministry

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Speaker 8: in particular is one to really look out for. Is

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Speaker 8: there going to be anything in the way of additional

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Speaker 8: fiscal stimulus. I think all of that still fairly to

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Speaker 8: be determined, But at least, you know, the general consensus

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Speaker 8: here is this is a big start. Can it be sustained?

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Speaker 8: That's really the question here.

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Speaker 1: Yeah, absolutely, still an underline question about, you know, whether

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Speaker 1: the sumulus last, how long it might last for I

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Speaker 1: also want to point though to the other major market story,

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Speaker 1: which is the week of an expected US consumer confidence

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Speaker 1: data that we had out yesterday, and that has led

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Speaker 1: to a big change in terms of rate cut bets

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Speaker 1: for the Federal Reserve. A warning message on the US economy.

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Speaker 8: Yeah, it's really sort of crazy how stuff can change

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Speaker 8: in you know, just a week. I mean, last week

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Speaker 8: we were debating twenty five versus fifty bps for that

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Speaker 8: first cut. Now we're talking about maybe a second half

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Speaker 8: point cut. It was pretty troubling data just because nobody

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Speaker 8: was really expected, you know, it's pretty unexpected to see

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Speaker 8: consumer confidence fall. I think, as you mentioned earlier in

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Speaker 8: this program, a lot of that comes down to labor

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Speaker 8: market concerns. I thought some of the really interesting pieces

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Speaker 8: of that data set, you know, it said that, you know,

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Speaker 8: we saw the share consumers saying that jobs are plentiful decline.

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Speaker 8: You know, we're again we're looking at small share there

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Speaker 8: since March twenty twenty one. We're also you know, seeing

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Speaker 8: a rising number of people saying jobs are really hard

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Speaker 8: to get. So clearly the labor market is a major

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Speaker 8: concern among consumers in America. We know obviously that over

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Speaker 8: the last several weeks we've really I guess months rather,

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Speaker 8: we've really seen you know, the FEDS focus shift a

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Speaker 8: lot more toward to the labor market concerns rather than inflation.

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Speaker 8: Does this flash warning sense for the economy? Still, I

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Speaker 8: think we need additional sorts of data, you know, over

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Speaker 8: the next several weeks to see whether or not this

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Speaker 8: is something that feels more entrenched. But it is a

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Speaker 8: troubling drop there.

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Speaker 1: Yeah, okay, so that from the conference Balls gauge of

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Speaker 1: consumer sentiment the biggest job since August twenty twenty one.

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Speaker 1: Thank you so much, Jill for being with me. Bluebig's

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Speaker 1: news editor Jill DSIs on the latest in the markets.

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Speaker 1: Let's also talk you through what's been happening in the

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Speaker 1: Middle East. The Israeli military saying this morning it has

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Speaker 1: intercept today's surface surface missile from Lebanon after sirens were

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Speaker 1: heard in Tel Aviv. Israel has carried out more air

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Speaker 1: strikes on Hesbula in Lebanon. And you heard the Iranian

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Speaker 1: President Masud Pezeshkian's warning at the UN yesterday. In the

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Speaker 1: news bulletin, let's bring in Bluemberg's and Midley Spoaking news

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Speaker 1: editor Danna Crage. Good morning, Dana. What is the latest

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Speaker 1: when it comes to the conflict in the exchange of fire?

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Speaker 9: Good morning, Yes, what you talked about just now that

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Speaker 9: we saw a missile being intercepted over Tel Aviv.

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Speaker 7: That's the central that's the commercial capital.

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Speaker 9: Hesbeala hasn't yet claimed the attack, but it seems likely

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Speaker 9: that it is from the group.

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Speaker 7: Now.

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Speaker 9: We saw yesterday also that Hesballah was running up attacks

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Speaker 9: against northern Israel and then they claimed sixteen separate attacks.

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Speaker 9: They say it's against military targets, but what we've been

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Speaker 9: seen is that sirens had been sounding in northern Israel,

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Speaker 9: including in civilian areas. On the other hand, Israel's targeting

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Speaker 9: of hesb Allah infrastructure has so far killed five hundred people,

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Speaker 9: at least five hundred people and wounded thousand thousands other

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Speaker 9: This is of course, in Lebanon, in a country that's

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Speaker 9: still reeling from its worst economic crisis, trying to find

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Speaker 9: the right funding the infrastructure to house currently the twenty

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Speaker 9: six thousand who had left from South Lebanon and the

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Speaker 9: Buca Valley where Israel's targets had been focused, and they

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Speaker 9: have opened about two hundred and fifty schools and government

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Speaker 9: buildings to house those people. And of course now this

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Speaker 9: is turning into a humanitarian catastrophe for the country. They

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Speaker 9: barely have any funding to finance the housing or aid

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Speaker 9: because most of these people are out of jobs.

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Speaker 1: So for leader is that the UN General Assembly in

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Speaker 1: the US criticized Israel on that point, including the Iranian

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Speaker 1: President Pozeshkian obviously ran bax Hezbola and Hamas. What is

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Speaker 1: Iran's position now?

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Speaker 9: So, yes, this was the Iran's president's debut right at

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Speaker 9: a global stage.

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Speaker 7: This is his first speech to.

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Speaker 9: The international community, and he warned that Israel's attacks on

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Speaker 9: Lebanon cannot go unanswered. He of course criticized Israel's conduct

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Speaker 9: of the war in Gaza, and that's.

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Speaker 7: Been the same position by Iran.

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Speaker 9: But what was interesting is what they said a few

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Speaker 9: days ago, and what he told Bloomberg on the sidelines

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Speaker 9: of the UN meeting is that they are ready to

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Speaker 9: talk about the nuclear file file and maybe you know,

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Speaker 9: the question is whether they are able to and whether

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Speaker 9: any kind of de escalation could open the doors for

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Speaker 9: Iran in that sense. And of course two days ago

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Speaker 9: we saw him saying that he is willing and ready

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Speaker 9: to de escalate tensions with Israel, and that is of

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Speaker 9: course remains to be seen whether the US and Iran

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Speaker 9: can sit on the table again and discuss their nuclear

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Speaker 9: file to East sanctions and at the same time East

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Speaker 9: tensions in the region.

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